After falling from the high on the year of 110.08, USD/JPY found support at 105.19 a week ago. Since then it has been rallying, and this week’s price action suggests it is ready to head back to the highs on the year. Let’s take a look at the charts.
USD/JPY ‘s rally this week is extending a rally last week, and bringing USD/JPY above some key moving averages in the 4H chart while pulling up the RSI above 70. These signs show return of bullish bias and momentum. However, it is stalling a bit today. If price can hold above the rising channel from last week, USD/JPY is poised to test that 110-110.08 high on the year again.
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